- Thomson Reuters (TSX:TRI) reported higher sales and operating profit in Q2 2023 thanks to higher revenues and lower costs
- The Toronto-based firm reported Q2 profit of US$894 million
- Total revenue rose 2 per cent in Q2 to US$1.65 billion
- Thomson Reuters Corp. opened trading at C$179.58 per share
Thomson Reuters (TSX:TRI) reported higher sales and operating profit in Q2 2023 thanks to higher revenues and lower costs.
The Toronto-based firm reported Q2 profit of US$894 million.
Its main three segments, legal professionals, corporates and tax and accounting professionals, saw a strong performance.
On a per-share basis, this works out to a net income of US$1.90. Earnings, adjusted for non-recurring gains and to account for discontinued operations, came to 84 cents per share.
Total revenue rose 2 per cent in Q2 to US$1.65 billion. Net divestitures had a 3 per cent negative impact on revenue, hit by the majority stake sale of the company’s Elite business to private equity firm TPG.
Thomson Reuters President and CEO Steve Hasker said that the company continued to see good momentum across its portfolio despite an uncertain macro backdrop.
“Importantly, our confidence around the opportunity that generative AI brings to us, and our customers continues to strengthen. We made good progress in executing our ‘build, partner, buy’ approach throughout the quarter, with organic AI builds progressing, our announcement of an intelligent drafting solution with Microsoft, and the announcement of our intention to acquire Casetext,” Hasker said in a statement. “Our capital capacity and liquidity will also remain a key asset as we look to continue innovating in our markets, strengthening our leading positions, and generating shareholder value.”
Thomson Reuters Corp. provides business information services. Reuters News supplies business, financial and global news to media organizations, professionals, and news consumers through Reuters News Agency, Reuters.com, Reuters Events, Thomson Reuters products and the Refinitiv business of LSEG, a global financial markets infrastructure and data provider.
Thomson Reuters Corp. stock is up 22.7 per cent since this time last year and opened trading at C$179.58 per share.
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